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250 pips slippage on Currenex - ODL Securities

  • #121
  • Apr 27, 2007 8:50am Apr 27, 2007 8:50am
are the bond's spreads tighter than fx futures? 1 pip.
i would like to see their order books at numbers times. if there are hedge funds and chop shops banging prices then i'm sure the spreads are good. i'll look into this more.
to start off where would you recommend opening up?
i trade news as 80% of my trading. pre and post spike.
It really is that easy.
  • #122
  • May 1, 2007 2:18pm May 1, 2007 2:18pm
I was also screwed by them. I was filled on April 13 at 1.5435.
They also closed my account reason: Reporting & low volume.
  • #123
  • May 1, 2007 9:30pm May 1, 2007 9:30pm
Quoting Gixxer
I was also screwed by them. I was filled on April 13 at 1.5435.
They also closed my account reason: Reporting & low volume.
The plot thickens. :surprised
And some people still wonder why forex brokers have a bad image.
  • #124
  • May 2, 2007 3:47am May 2, 2007 3:47am
What is it with the reporting? I mean, they own the platform, they should know about any traders trade on it. Whats the deal with this?
  • #125
  • Jun 22, 2007 2:06pm Jun 22, 2007 2:06pm
Finally after my research and when I supposed to get the right broker for me (ODL) - Their demo account function OK last 3 months (althouth I know that real is different)... I happily found this thread. What I read here is really enought for search for another "trust broker" with MT4 platform... Why so difficult?... I have read and used many, and ODL (no more), FXDD and RFXT were between my options.
Maybe would be better to open an account at Oanda and use MT4 as a platform... Any advise?

Thanks for the unbiased information on FF... and to the traders who share this information.

Best regards
"Even A Thousand Mile Journey Begins with the First Step"
  • #126
  • Jun 22, 2007 2:47pm Jun 22, 2007 2:47pm
Quoting analizer
Finally after my research and when I supposed to get the right broker for me (ODL) - Their demo account function OK last 3 months (althouth I know that real is different)... I happily found this thread. What I read here is really enought for search for another "trust broker" with MT4 platform... Why so difficult?... I have read and used many, and ODL (no more), FXDD and RFXT were between my options.
Maybe would be better to open an account at Oanda and use MT4 as a platform... Any advise?

Thanks for the unbiased information on FF... and to the traders who share this information.

Best regards
This had more to do w/ news traders willing to buy at any cost on CNX than it did ODL.

Merlin's bottle water analogy summed it up best.
  • #127
  • Jun 24, 2007 4:01am Jun 24, 2007 4:01am
ODL = crap broker. Get the hell out before they screw your account for no reason..
  • #128
  • Jul 2, 2007 1:36am Jul 2, 2007 1:36am
Quoting Sympatico
Okay fair enough. But using limit/stop orders have the exact same potential problem: getting filled at the next best price once the server carrying your order initiates a market order to satisfy your price point. Perhaps it's very slightly less delayed because it only has one trip after market order initiating rather than the two (client platform to server + server to market).
So is it true that in MT with a broker such as ODL, if I choose my order type as "Pending," that a "buy stop" order, for example, is really saying that "once price rises to X, a new 'buy at market' order will be placed at this time" ? For example, on my MB Trading account there is a "Stop Market" order as well as a "Stop Limit" order (example: if price is currently at 2.0, my order is -- stop at 2.1, limit at 2.2 -- this means that if price hits 2.1, my limit order will be triggered for 2.2, and only a price between 2.1 and 2.2 will cause an actual buy to be placed). So, is the "Pending Order" order type in MT4 a "Buy Stop" or is it a "Buy Stop Limit" where the limit is set equal to the stop price? (my intuition says, unfortunately, that it's just a "buy stop" which triggers a market order)
  • #129
  • Apr 24, 2008 7:25pm Apr 24, 2008 7:25pm
I was considering to try ODL. After reading this thread this will of course never be an option for me. zek lost 30k due to the 250 pips and they told him he can be lucky cause other clients experienced bigger slippages...

I only hope zek was finally able to recover from this loss. For many traders this would be personal bankruptcy.

I like the Metatrader platform. Unfortunately, almost all MT4-brokers seem to be untrustworthy judged by customer experiences.
  • #130
  • Apr 24, 2008 8:33pm Apr 24, 2008 8:33pm
Quoting trader79
I was considering to try ODL. After reading this thread this will of course never be an option for me. zek lost 30k due to the 250 pips and they told him he can be lucky cause other clients experienced bigger slippages...

I only hope zek was finally able to recover from this loss. For many traders this would be personal bankruptcy.

I like the Metatrader platform. Unfortunately, almost all MT4-brokers seem to be untrustworthy judged by customer experiences.
the slippage happen on there currenex platform, i use there mt-4 platform and no such thing happen to me, then again i don't trade news.
If I Go Broke Trying Then I Will die happy.
  • #131
  • May 12, 2008 11:30am May 12, 2008 11:30am
Does anyone know whether or not if you place a say 30 pip limit buy with Currenex around a news event if the limit is the worst price you could be filled at, or does the limit turn into a market order so you could potentially get a 250 pip loss?
  • #132
  • May 12, 2008 1:07pm May 12, 2008 1:07pm
I would hope that limit orders can not be slipped by their very nature, but then again, this is spot forex where anything goes....

I would also like to hear this answer.
  • #133
  • May 12, 2008 1:33pm May 12, 2008 1:33pm
Guys when you're dealing with Currenex you're dealing with the market as it really is... Slippage, and sometimes very serious slippage is the name of the game. Every trader in the futures pits knows how this works, we've just been protected with fixed spread that the retail broker offers...

Having a stop in of any kind in no garuantee that it will be honored; if the market is moving fast consider this scenario... at "x" price a broker has $10 million worth of sell orders (all in there as short seller stops - just for arguments sake). The market is skyrocketing higher and when the price hits "x" there are only $2 million dollars worth of buyers... The broker will never eat $8m in orders to protect your position.

This is the price you pay for razor thin spreads... If you want em tight and you want excellent liquidity you have to assume the risk that comes along with that type of broker...

Currenex is "real" trading and requires a more refined approach. Most traders moving to an institutional platform from a retail platform will have to seriously rethink how much leverage they use as stops only become a small part of the protecive measures. This is one of the reasons you'll find most professional traders using a platform like Currenx limit their leverage to 1:1 or 2:1
Trade Small. Be Patient. Learn to Survive.
  • #134
  • May 12, 2008 1:54pm May 12, 2008 1:54pm
I've said this before and I'll say it again.

They're all bucket shops, ECN or not, some are 1 gallon buckets, others 2 gallon buckets, some 5 gallon buckets, and others 55 gallon drums!

Never trust anyone! I don't care what they say.
  • #135
  • May 12, 2008 1:54pm May 12, 2008 1:54pm
Quoting FXAnalytics
Guys when you're dealing with Currenex you're dealing with the market as it really is... Slippage, and sometimes very serious slippage is the name of the game. Every trader in the futures pits knows how this works, we've just been protected with fixed spread that the retail broker offers...

Having a stop in of any kind in no garuantee that it will be honored; if the market is moving fast consider this scenario... at "x" price a broker has $10 million worth of sell orders (all in there as short seller stops - just for arguments sake). The market is skyrocketing higher and when the price hits "x" there are only $2 million dollars worth of buyers... The broker will never eat $8m in orders to protect your position.

This is the price you pay for razor thin spreads... If you want em tight and you want excellent liquidity you have to assume the risk that comes along with that type of broker...

Currenex is "real" trading and requires a more refined approach. Most traders moving to an institutional platform from a retail platform will have to seriously rethink how much leverage they use as stops only become a small part of the protecive measures. This is one of the reasons you'll find most professional traders using a platform like Currenx limit their leverage to 1:1 or 2:1
I agree with most of what you have said except for the fact that dealing on a currenex platform is the real market. The market that is offered will always depend on the broker that is offering currenex. A broker can manipulate the spread as much as any other broker can and a lot of them do which means you are not dealing in the interbank market. They can also book trades which again means you are not dealing in the interbank market.
  • #136
  • May 12, 2008 3:03pm May 12, 2008 3:03pm
Quoting FXAnalytics
Guys when you're dealing with Currenex you're dealing with the market as it really is... Slippage, and sometimes very serious slippage is the name of the game. Every trader in the futures pits knows how this works, we've just been protected with fixed spread that the retail broker offers...

Having a stop in of any kind in no garuantee that it will be honored; if the market is moving fast consider this scenario... at "x" price a broker has $10 million worth of sell orders (all in there as short seller stops - just for arguments sake). The market is skyrocketing higher and when the price hits "x" there are only $2 million dollars worth of buyers... The broker will never eat $8m in orders to protect your position.

This is the price you pay for razor thin spreads... If you want em tight and you want excellent liquidity you have to assume the risk that comes along with that type of broker...

Currenex is "real" trading and requires a more refined approach. Most traders moving to an institutional platform from a retail platform will have to seriously rethink how much leverage they use as stops only become a small part of the protecive measures. This is one of the reasons you'll find most professional traders using a platform like Currenx limit their leverage to 1:1 or 2:1
We are not talking about stops, the question was specific to limit orders which I thought could not be slipped and acted as a "fill or kill" type of order. At least thats how they work in CME futures, I dont know much about other markets.
  • #137
  • May 12, 2008 4:03pm May 12, 2008 4:03pm
Yes, limit order would be a fill or kill order on spot forex as well.
  • #138
  • May 13, 2008 1:20am May 13, 2008 1:20am
Thanks FrankTheTank - you understand exactly what I am asking. I want to know whether or not a limit order could be slipped on Currenex. I don't care if the limit does not get filled, I just don't want it to get slipped!

No clear answer yet though!
  • #139
  • May 13, 2008 8:05am May 13, 2008 8:05am
Can someone please explain to me how to put a picture on a post so I can show it here?
  • #140
  • May 13, 2008 8:10am May 13, 2008 8:10am
Quoting fxtrader42
Can someone please explain to me how to put a picture on a post so I can show it here?
http://www.forexfactory.com/faq.php?...chment_explain

...or click the paperclip icon in the post window.
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